SBC Exports Q1 FY27 Results (NSE: SBC)
Signal: Growth reaccelerated
The read
The operating trajectory improved sharply: consolidated EBITDA rose 192.2% YoY to ₹16.89 Cr and EBITDA margin reached 13.9%, following the 4.18% margin reported in Q4FY26; however, PAT of ₹9.6 Cr includes ₹3.77 Cr of other income, equal to 29.6% of PBT, and EPS growth of 42.9% materially lagged PAT growth of 176.7%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹121.08 Cr | 67.1% | N/A |
| EBIT | ₹16.39 Cr | 203.5% | |
| Net profit | ₹9.6 Cr | 176.7% | |
| EPS | ₹0.2 | 42.9% | |
| EBIT margin | 13.9% |
P&L walk
Consolidated revenue increased 67.1% YoY to ₹121.08 Cr and EBITDA rose 192.2% to ₹16.89 Cr, lifting EBITDA margin to 13.9%; EBIT grew 203.5% to ₹16.39 Cr, but PAT growth of 176.7% to ₹9.6 Cr was partly supported by other income of ₹3.77 Cr, equal to 29.6% of PBT.
Segments
The consolidated group added ₹15.04 Cr of revenue over standalone revenue of ₹106.04 Cr, while PAT was only ₹0.17 Cr above standalone PAT, indicating that the subsidiary and other consolidation scope expanded revenue but contributed little incremental profit.
Key positives
- Consolidated revenue reached ₹121.08 Cr, up 67.1% YoY, with management citing stronger garments-export execution, customer additions and increased business opportunities.
- Consolidated EBITDA rose 192.2% YoY to ₹16.89 Cr and EBITDA margin reached 13.9%, while standalone EBITDA margin was higher at 15.4%, indicating substantial operating improvement.
- Restoration of shipping connectivity through the Dubai route is expected by management to support deferred export volumes and stronger Middle East contribution during FY2026–27.
- Standalone EBIT grew 208.3% YoY to ₹16.03 Cr versus revenue growth of 72.8%, evidencing significant margin expansion on the parent business.
Key concerns
- Consolidated other income of ₹3.77 Cr represented 29.6% of PBT, so the ₹9.6 Cr PAT is not entirely operating-led.
- Consolidated EPS rose only 42.9% YoY to ₹0.2 versus PAT growth of 176.7%; the filing does not identify whether the gap reflects dilution or higher minority interest.
- The consolidated scope added ₹15.04 Cr of revenue over standalone revenue but only ₹0.17 Cr of PAT, implying limited incremental profitability from the non-parent operations.
Earnings quality: includes non-operating other income
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